1. Each individual’s tax situation is unique; therefore, please consult your tax professional to confirm vehicle depreciation deduction and tax benefits. For more details, visit IRS.gov
2. For vehicles that qualify as passenger automobiles under the Internal Revenue Code, there is a $3,160 per-vehicle depreciation deduction cap or $3,460 for certain SUVs, trucks, and vans placed in service during 2018.
3. For vehicles that qualify as sport utility vehicles, including certain trucks and vans, under the Internal Revenue Code, the maximum amount that may be expensed is $25,000 of the total purchase price. The $25,000 expense cap contributes to the $500,000 dollar limit and $2,000,000 investment limit under Section 179.
4. The tax incentives are available for depreciable tangible property that is acquired by purchase for use in the active conduct of a trade or business. Additional limitation based on purchases. For the 2018 tax year, the aggregate deduction of $500,000 under Internal Revenue Code Section 179 is most beneficial to small businesses that place in service no more than $2,000,000 of “Section 179 property” during the year. For every dollar spent on Section 179 property in excess of the overall limit of $2,000,000, the $500,000 expense tax deduction decreases by a dollar. Certain vehicles, models, and restrictions apply. Consult your tax professional for details. ©2018 General Motors. All rights reserved. The marks appearing in this ad are the trademarks or service marks of GM, its subsidiaries, affiliates, or licensors.
Jeff Gordon Chevrolet currently has hundreds of vehicles that qualify for the Section 179 tax deduction. Click here to start shopping
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